Sep 30, 2014
BASIS OF ACCOUNTING
The financial statements are prepared under the historical cost
convention, except stated otherwise, on an accrual basis and in
accordance with the generally accepted accounting principles in India,
the applicable mandatory Accounting Standards as notified by the
Companies (Accounting Standard) Rules, 2006 (as amended), the relevant
provisions of the Companies Act, 1956, and Companies Act, 2013 (as
applicable).
The financial statements have been prepared and presented as per the
requirement of Revised Schedule VI as notified under Companies Act,
1956.
USE OF ESTIMATES
The preparation of financial statements require judgments, estimates
and assumptions to be made that affect the reported amount of assets
and liabilities including contingent liabilities on the date of the
financial statements and the reported amount of revenues and expenses
during the reporting period. Difference between actual results and
estimates are recognized in the period in which the results are known /
materialsed.
FIXED ASSETS
1. Fixed assets are stated at cost of acquisition inclusive of taxes,
freight, borrowing cost and other incidental expenses related to
acquisition / installation except in case of revaluation of such assets
where it is stated at the value determined on revaluation.
2. Fixed assets given on lease are stated at cost less accumulated
depreciation.
3. Assets acquired under Lease Finance are recognized at lower of fair
value or present value of minimum lease payments.
DEPRECIATION AND AMORTISATION
1. Depreciation on fixed assets including revalued assets is provided
on "Written Down Value Method" at the rates, specified in Schedule XIV
of the Companies Act, 1956. Additional depreciation for the period
attributable to the revalued assets is transferred to the credit of
Profit and Loss Account by debiting Fixed Assets Revaluation Reserve.
2. Depreciation on assets given on lease is provided over the ''Primary
Lease Period'' on the basis of internal rate of return implicit in the
lease or on written down value method at the rates specified in
schedule XIV of the Companies Act, 1956, whichever is higher.
3. Leasehold land is amortized over the period of the lease in equal
instalments. INVESTMENTS
1. (a) Current Investments (quoted) are carried at cost / fair market
value, computed category wise. (b) Current Investments (unquoted) are
carried at cost.
2. Long Term Investments are stated at cost.
INVENTORIES
Inventories are valued as under:
Work-in-progress - At cost or cost plus profit, where appropriate,
depending upon the stage of completion and / or as per the terms of the
contract. Cost includes direct material, cost of labour and other
general administrative expenses.
TAXATION
Income tax expense comprises of Current tax and Deferred tax charge or
credit. Provision for current tax is made on the assessable income at
the tax rate applicable to the relevant assessment year in accordance
with the Income Tax Act, 1961. The Deferred Tax Assets and Deferred Tax
Liability is calculated by applying tax rate and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred Tax Assets arising mainly on account of brought forward losses
and unabsorbed depreciation under tax laws, are recognized only if
there is a virtual certainity of its realization, supported by
convincing evidence. Deferred Tax Assets on account of other timing
differences are recognised only to the extent there is a reasonable
certainity that the assets can be realized in future.
REVENUE RECOGNITION
i) The company is mainly engaged in construction/ development of
properties- some on behalf of others as developer / contractor and some
on own account for eventual sale. Profit on construction / development
of properties on behalf of others is accounted for according to the
stage of completion and in case of properties developed on own account,
only on handing over possession.
ii) Other revenue is recognized on completion of sale of assets and
rendering of services.
iii) Lease rentals are recognized as income throughout the period on
accrual basis as per lease agreement.
iv) Dividend income is recognized on receipt basis.
v) Interest on loans / advances is normally recognized on accrual
basis. In case of default, the same is recognized on receipt basis.
vi) Rental income from tenants is recognized on receipt basis.
RETIREMENT BENEFITS
i) Gratuity is provided in the books of accounts on accrual basis based
on actuarial valuation.
ii) Leave encashment liability is provided in the books of accounts on
accrual basis based on actuarial valuation.
BORROWING COST
Borrowing cost attributable to the acquisition or construction of
qualifying assets are included in cost of such assets. A qualifying
asset is one that necessarily takes a substantial period of time to get
ready for its sale / intended use. All other borrowing costs are
recognized as an expense in the period these are incurred.
CONTINGENT LIABILITY
Full disclosure is made in the accounts of any contingent liability.
Provision for the same is however made when such liability
crystallizes.
Jun 30, 2013
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with the accounting
standards specified by the Institute of Chartered Accountants of India.
ACCOUNTING CONVENTION
The financial statements are prepared in accordance with historical
cost convention except for Revalued Fixed Assets.
FIXED ASSETS
Fixed assets are stated at cost of acquisition inclusive of taxes,
freight and other incidental expenses related to acquisition /
installation except in case of revaluation of such assets where it is
stated at revalued amount.
Fixed assets given on lease are stated at cost less accumulated
depreciation.
DEPRECIATION
Depreciation on fixed assets including revalued assets is provided on
"Written Down Value Method" for 15 months before taking the same into
12 months and 3 months at the rates, specified in Schedule XIV of the
Companies Act, 1956. Additional depreciation for the period
attributable to the revalued assets is transferred to the credit of
Profit and Loss Account by debiting Fixed Assets Revaluation Reserve.
Leasehold land is not amortized over the life of the respective lease
where these are expected to be renewed for further long-term period on
their expiry.
Depreciation on assets given on lease is provided over the ''Primary
Lease Period'' on the basis of internal rate of return implicit in the
lease or on written down value method at the rates specified in
schedule XIV of the Companies Act, 1956, whichever is higher.
INVESTMENTS
1. (a) Current Investments (quoted) are carried at cost / fair market
value, computed category wise. (b) Current Investments (unquoted) are
carried at cost.
2. Long Term Investments are stated at cost. INVENTORIES
Inventories are valued as under:
i) Work-in-Progress - At cost or cost plus profit, where appropriate,
depending upon the stage of completion and / or as per the terms of the
contract. Cost includes direct material, cost of labour and other
general administrative expenses.
TAXES ON INCOME
Income tax expense comprises Current tax and Deferred tax charge or
credit. Provision for current tax is made on the assessable income at
the tax rate applicable to the relevant assessment year. The Deferred
Tax Assets and Deferred Tax Liability is calculated by applying tax
rate and tax laws that have been enacted or substantively enacted by
the Balance Sheet date. Deferred Tax Assets arising mainly on account
of brought forward losses and unabsorbed depreciation under tax laws,
are recognized only if there is a virtual certainty of its
realization, supported by convincing evidence. Deferred Tax Assets on
accounts of other timing differences are recognised only to the extent
there is a reasonable certainty that the assets can be realized in
future.
RETIREMENT BENEFITS
i) Gratuity is provided in the books of accounts on accrual basis based
on actuarial valuation.
ii) Leave encashment liability is provided in the books of accounts on
accrual basis based on actuarial valuation.
REVENUE RECOGNITION
i) The company is mainly engaged in construction/ development of
properties- some on behalf of others as developer / contractor and some
on own account for eventual sale. Profit on construction / development
of properties on behalf of others is accounted for according to the
stage of completion and in case of properties developed on own account,
only on handing over possession.
ii) Other revenue is recognized on completion of sale of assets and
rendering of services.
iii) Lease rentals are recognized as income throughout the period on
accrual basis as per lease agreement.
iv) Dividend income is recognized on receipt basis.
v) Interest on loans / advances is normally recognized on accrual
basis. In case of default the same is recognized on receipt basis.
vi) Rental income from tenants is recognized on receipt basis.
BORROWING COST
Borrowing cost attributable to the acquisition or construction of
qualifying assets are included in cost of such assets. A qualifying
asset is one that necessarily takes a substantial period of time to get
ready for its sale / intended use. All other borrowing costs are
charged to revenue.
CONTINGENT LIABILITY
Full disclosure is made in the accounts of any contingent liability.
Provision for the same is however made when such liability
crystallizes.
Mar 31, 2012
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with the accounting
standards specified by the Institute of Chartered Accountants of India.
ACCOUNTING CONVENTION
The financial statements are prepared in accordance with historical
cost convention except for Revalued Fixed Assets.
FIXED ASSETS
Fixed assets are stated at cost of acquisition inclusive of taxes,
freight and other incidental expenses related to acquisition
/installation except in case of revaluation of such assets where it is
stated at revalued amount.
Fixed assets given on lease are stated at cost less accumulated
depreciation.
DEPRECIATION
Depreciation on fixed assets including revalued assets is provided on
"Written Down Value Method" at the rates, which are in conformity with
the requirements of the Companies Act, 1956. Additional depreciation
for the year attributable to the revalued assets is transferred to the
credit of Profit and Loss Account by debiting Fixed Assets Revaluation
Reserve.
Leasehold land is not amortized over the life of the respective lease
where these are expected to be renewed for further long-term period on
their expiry.
Depreciation on assets given on lease is provided over the 'Primary
Lease Period' on the basis of internal rate of return implicit in the
lease or on written down value method at the rates specified in
schedule XIV of the Companies Act, 1956, whichever is higher.
INVESTMENTS
1. (a) Current Investments (quoted) are carried at cost and
quoted/fair value, computed category wise. (b) Current Investments
(unquoted) are carried at cost.
2. Long Term Investments are stated at cost INVENTORIES
Inventories are valued as under:
i) Work-in-progress - At cost or cost plus profit where appropriate
depending upon the stage of completion and/or as per the terms of the
contract. Cost includes direct material, cost of labour and include
other general administrative expenses.
TAXES ON INCOME
Provision for Current tax is made on the taxable income for the year
after taking into consideration benefits admissible under the
provisions of the Income Tax Act, 1961. Deferred Tax resulting from
"timing differences" between taxable and accounting income is accounted
for using the tax rates and laws that are enacted or substantively
enacted as on the Balance Sheet date.
The deferred tax charge or credit is recognized using current tax
rates. Where there is unabsorbed depreciation or carried forward
losses, deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent of reasonable certainty of realization in
future. Deferred tax assets/liabilities are reviewed as at each Balance
Sheet date based on developments during the year to reassess
realization/liabilities.
RETIREMENT BENEFITS
i) Gratuity is provided in the books of accounts on accrual basis based
on actuarial valuation.
ii) Leave encashment liability is provided in the books of accounts on
accrual basis based on actuarial valuation.
REVENUE RECOGNITION
i) The company is mainly engaged in construction/development of
properties- some on behalf of others as developer/ contractor and some
on own account for eventual sale. Profit on construction/development of
properties on behalf of others is accounted for according to the stage
of completion and in case of properties developed on own account, only
on handing over possession.
ii) Other revenue is recognized on completion of sale of assets and
rendering of services.
iii) Lease rentals are recognized as income throughout the period on
accrual basis as per lease agreement.
iv) Dividend income is recognized on receipt basis.
v) Interest on loans/advances is normally recognized on accrual basis.
In case of default, the same is recognized as income on receipt basis.
BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are included in cost of such assets.
A qualifying asset is one that necessarily takes a substantial period
of time to get ready for its sale/intended use. All other borrowing
costs are charged to revenue.
CONTINGENT LIABILITY
Full disclosure is made in the accounts of any contingent liability.
Provision for the same is however made when such liability
crystallizes.
Mar 31, 2010
Basis of Preparation of Financial Statements
The financial statements are prepared in accordance with the accounting
standards specified by the Institute of Chartered Accountants of India.
Accounting Convention
The financial statements are prepared in accordance with historical
cost convention except for such fixed assets, which are revalued.
Fixed Assets
Fixed Assets are stated at cost of acquisition inclusive of taxes,
freight and other incidental expenses related to acquisition/
installation except in case of revaluation of such assets where it is
stated at revalued amount.
Fixed Assets given on lease are stated at cost less accumulated
depreciation.
Depreciation
Depreciation on fixed assets including revalued assets is provided on
"Written Down Value Method" at the rates, which are in conformity with
the requirements of the Companies Act, 1956. Additional depreciation
for the year attributable to the revalued assets is transferred to the
credit of Profit & Loss Account by debiting fixed assets revaluation
reserve.
Leasehold Land is not amortized over the life of the respective lease
where these are expected to be renewed for further long- term period on
their expiry.
Depreciation on assets given on lease is provided over the Primary
Lease Period on the basis of internal rate of return implicit in the
lease or on written down value method at the rates specified in
Schedule XIV of the Companies Act, 1956, whichever is higher.
Investments
Investments are valued at or under cost. Dividends are accounted for on
receipt basis.
Inventories
Inventories are valued as under:
i) Finished construction (Unsold) - At lower of cost or net realizable
value.
ii) Work-in-Progress - At cost or cost plus profit where appropriate
depending upon the stage of completion and/or as per the terms of the
contract. Cost includes direct material, cost of labour and include
other general administrative expenses.
Taxes on Income
Provision for Current Tax is made on the taxable income for the year in
terms of the provisions of the Income Tax Act, 1961.
Provision for Current Tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred Tax resulting from "timing differences" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the Balance Sheet date.
The Deferred Tax charge or credit is recognized using current tax
rates. Where there is unabsorbed depreciation or carried forward
losses, deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent of reasonable certainty of realization in
future. Deferred tax assets/liabilities are reviewed as at each Balance
Sheet date based on developments during the year to reassess
realization/liabilities.
Retirement Benefits
i) Gratuity is provided in the books of accounts on accrual basis based
on actuarial valuation.
ii) Leave Encashment Liability is provided in the books of accounts on
accrual basis based on actuarial valuation.
Revenue Recognition
i) The company is mainly engaged in construction/development of
properties - some on behalf of others as developer and some on own
account for eventual sale. Profit on construction/development of
properties on behalf of others is accounted for according to the stage
of completion and in case of properties on own account, only when the
registration is made.
ii) Other revenue is recognized on completion of sale of goods and
rendering of services.
iii) Lease rentals are recognized as income throughout the period on
accrual basis as per lease agreement.
Borrowing Costs
Borrowing Costs that are attributable to the acquisition or
construction of qualifying assets are included in cost of such assets.
A qualifying asset is one that necessarily takes a substantial period
of time to get ready for its sale/intended use. All other borrowing
costs are charged to revenue.
Contingent Liability
Full disclosure is made in the accounts of any contingent liability.
Provision for the same is however made when such liability
crystallizes.
Miscellaneous Expenditure
Miscellaneous Expenditure is written off over a period of 5 years.
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